Petroleum Minister Reveals How NNPC Will Be Split Into 30 Smaller Companies

Updated Friday 4 March 2016 7:4

Nigerian Minister of State for Petroleum Resources, Dr. Ibe Kachikwu revealed how NNPC, the Nigerian National Petroleum Corporation will be made to compete against one other to make profit by splitting the big firm into about 30 smaller companies.

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Speaking at the Oloibiri Lecture Series and Energy Forum, organized by the Society of Petroleum Explorationists, SPE, Nigeria Council, in Abuja, the minister said:

“I am happy that we are getting the cooperation of everybody within the system, that is the only way we can guarantee work for those who work there and career paths that are sustainable.”

Kachikwu, who is the Group Managing Director of the NNPC, maintained that the expected return to profitability would also mean that the Nigerian Oil Industry will be able to compete effectively in the global oil industry.

“That is just a tip of the iceberg because by the time these 30 companies are unbundled and the Managing Directors will set programmes, you are going to meet us in an active world. It means we are all going to compete, we are going to make these things work.”

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